Gold (GC=F) and silver (SI=F) investors are taking a victory lap this year as crypto bulls are left in the dust.
On Friday, gold futures rose to a record high or near $4,550, capping a year marked by more than 50 such records.
Meanwhile, silver also jumped to $75 an ounce, extending its year-to-date gains to 150% in a parabolic rally driven by concerns about material shortages amid strong industrial demand. Platinum (PL=F) and copper (HG=F) also rose to records this year.
Some investors have been quick to point out the differences between the metals industry and cryptocurrency, which has seen bitcoin (BTC-USD) down nearly 6% year-to-date. Ether (ETH-USD) is also on track for an annual loss of 12%.
“With gold up almost 70% in 2025 and most cryptocurrencies going negative, it’s time for the crypto crowd to switch to gold,” Louis Navellier, founder of Navellier & Associates, noted earlier this week.
Navillier points to central bank purchases, lower volatility, and improved liquidity in the gold market compared to cryptocurrencies.
Meanwhile, gold bull Peter Schiff, a notorious critic of crypto, said on X, “If bitcoin doesn’t go up when tech stocks go up, and it doesn’t go up when gold and silver go up, when will it go up? The answer is: it won’t.”
Crypto is on track to end the year in negative territory, with metals climbing to all-time highs as Bitcoin tries to avoid a third straight month of losses.
Despite a favorable regulatory environment and growing crypto adoption on Wall Street, the world’s largest cryptocurrency has been separated from stocks for the first time since 2014.
The token has struggled to recover after long-term holders sold off, and forced liquidations have sent prices down nearly 30% from a record high of near $126,000 in October to just under $87,000 on Friday.
Sean Farrell, head of digital assets at Fundstrat, said he’s not surprised that bitcoin has traded in a tight range recently.
“Santa rallies are usually characterized by people selling the losers, buying the winners at the end of the year,” Farrell said in a client video earlier this week.
“I think a lot of people haven’t stepped in here to put a lot of risk on assets that have underperformed for the better part of the last two months,” he added.
The strategist said he believes there is a compelling setup for a bounce in January, as flows are expected to increase from investors adopting bitcoin for their long-term portfolios.
